Journalism of Courage
Warner Bros. has asked shareholders to reject a takeover bid from Paramount Skydance, saying that a rival bid from Netflix will be better for customers.
“We strongly believe that Netflix and Warner Bros. joining forces will offer consumers more choice and value, allow the creative community to reach even more audiences with our combined distribution, and fuel our long-term growth,” Warner Bros. said Wednesday.
“We made this deal because their deep portfolio of iconic franchises, expansive library, and strong studio capabilities will complement—not duplicate—our existing business.”
Paramount went hostile with its bid last week, asking shareholders to reject the deal with Netflix favoured by the board of Warner Bros.
Paramount is offering $30 per Warner share to Netflix’s $27.75. Paramount’s bid isn’t off the table altogether.
